Ethereum (ETH) Makes Impressive Moves, Hit the High of $3,984
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Ethereum Price Long-Term Analysis: Bullish
Today, Ethereum’s (ETH) price has surged to $3,984.90 high, almost hitting the $4,000 price level. Unfortunately, the market has reached the overbought region. Further upward moves are doubtful. Meanwhile, on the August 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 1.272 Fibonacci extension or level $3,770.06. From the price action, Ether has rallied to $3,984.40.
Ethereum Indicator Analysis
Ether has risen to level 73 of the Relative Strength index period 14. It indicates that the crypto is in the overbought region of the market. It also implies that bullish runs are likely to be exhausted. Ether is above the 80% range of the daily stochastic. It indicates that the crypto is now in the overbought region of the market. Sellers are expected to emerge in the overbought region to push Ether upward.
Technical indicators:
Major Resistance Levels – $4, 000, $4,200, $4,400
Major Support Levels – $2.500, $2, 300, $2,100
What Is the Next Direction for Ethereum?
Ethereum is in an upward move as price breaks above the initial resistance at $3,840. The biggest altcoin has rallied to a new high below the $4,000 resistance zone. Meanwhile, on September 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 1.272 Fibonacci extension or level $3,962.78.
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